Prime Minister Stephen Harper said the sanctions targeted “a broad range of entities from Russia’s arms industry, as well as from its financial and energy sectors”.

Subject to the sanctions will be Almaz-Antey, the State Research and Production Enterprise Bazalt, Gazprombank, Radio-Electronic Technologies Concern, Sozvezdie Concern, NPO Mashinostroyenia, Kalashnikov Concern, KBP Instrument Design Bureau, Novatek, and Vnesheconombank.

“In addition to instituting prohibitions on dealings with respect to entities related to Russia’s arms industry, these substantively new measures impose restrictions on the issuance of new financing for the designated energy and financial entities,” Harper said in a statement posted on his official website.

He also said “we are ready for further actions” if Russia does not change its policy towards Ukraine.

On May 4, Canada imposed sanctions against 16 Russian banks and companies. On July 12, it expanded the sanctions list to include another 14 officials. Since the start of the crisis in Ukraine, Canada has imposed sanctions against 110 Russian individuals and companies.